Careers at Evertec
Evertec’s mission is to provide efficient and reliable electronic payment solutions and business process services to customers across multiple sectors in Latin America and the Caribbean.
Evertec provides its customers with end-to-end products and solutions across the transaction processing value chain across numerous channels and geographic markets. It operates three reportable business segments:
- Merchant Acquiring, which provides services to merchants that allow them to accept electronic methods of payment such as debit, credit, prepaid and EBT cards carrying the ATH, Visa, MasterCard, Discover and American Express brands;
- Payment Processing, which provides customers with the infrastructure technology necessary to facilitate the processing and routing of payments across the transaction processing value chain, including internet and mobile banking software services, bill payment systems and EBT solutions; and
- Business Solutions, which offers business process management solutions including specifically core bank processing, network hosting and management, IT consulting services, and business process outsourcing.
Evertec was founded in 2004 by Popular Inc, the largest financial institution in the Caribbean. While the Company no longer operates as a Popular Inc subsidiary, its former owner continues to be a major customer and partner. The Company expanded its interests into Central America, notably Aruba and Curaçao, in 2006. That same year, Evertec also acquired TII Smart Solutions, a financial processing and technology company based in Central America. This led to the Company’s establishment of an office in Guatemala, which in turn gave the Company a footing to enter the Panamanian market. More recently Evertec has expanded its services into Mexico.
In 2010 private equity firm Apollo Management acquired a 51% interest in Evertec. Three years later the Company became the first technology company in Puerto Rico to be listed on the New York Stock Exchange, raising $506 million in its initial public offering. Evertec currently has a market capitalisation of $1.21 billion.
Business model of Evertec
Evertec’s payment processing solutions are utilised by a range of business customers across multiple sectors. The Company, however, primarily serves six industries:
- Financial services, where it provides banking payment solutions, card issuing and acquiring services and document processing services;
- Retail, where it provides electronic payment services, electronic cash register capabilities and infrastructure solutions;
- Wholesale and distribution, where it provides IT management and cloud solutions;
- Healthcare, where it provides document processing and IT professional services;
- Insurance, where it provides electronic payment services and point of sale terminal devices; and
- Government, electronic benefit transfer solutions and infrastructure services.
Geographically, Evertec’s customers are based principally in Latin America and the Caribbean, including Costa Rica, México, Guatemala, Panamá, Puerto Rico, the Dominican Republic and the Virgin Islands.
Evertec has a particularly significant relationship with Popular Inc, which operates Banco Popular. In 2015, products and services billed through Popular Inc accounted for around 45% of the Company’s total revenue.
Evertec provides value to its customers in three principal ways: the quality and reliability of its products, the affordability of its services, and its commitment to developing up-to-date technology. The Company is one of the most established names within the payment solutions field in Latin America and has partnerships with other high-profile companies and institutions in the region, notably Popular Inc.
Evertec’s products and services are available to browse on its website at www.evertecinc.com/ The Company, however, sells and distributes its products services primarily through a proprietary direct sales force that has established ties with the Company’s major customers.
According to its 2015 annual report, Evertec is also in the process of building a range of indirect sales channels that allow the Company to leverage the distribution capabilities of partners across several markets. The Company’s indirect sales channels will be operated by value-added resellers and distributors, as well as by joint venture partners and merchant acquiring alliance partners.
Evertec’s products and services are not available on a self-service basis. Purchases are made via direct contact with the Company’s sales team, which provides solutions tailored to the individual needs of its clients. The embedded nature of Evertec’s solutions, and the high costs associated with switching service providers, mean that the Company typically enjoys longstanding relationships with recurring customers. For example, customers representing approximately 97% of Evertec’s 2014 revenue continued to be customers in 2015. In most cases Evertec provides services under one to five year contracts
Evertec provides ongoing personal care to its customers through its support staff, who can be contacted by email, over the phone or via an online contact form. The Company also operates Twitter, Facebook, LinkedIn and YouTube accounts, through which it keeps its customers updated with company developments and can directly respond to customer feedback.
Evertec is a full-service transaction processing company. It provides a range of merchant acquiring, payment processing and business process management solutions to customers across multiple business sectors.
These solutions include, services to merchants that allow them to accept electronic methods of payment, such as debit, credit, prepaid and electronic benefit transfer cards; payment processing products and services for blue chip regional and global corporate customers, government agencies and financial institutions; and a full suite of business process management solutions, which include core bank processing, network hosting and management, information technology consulting services, business process outsourcing, item and cash processing, and fulfillment.
Evertec collaborates with a variety of companies to provide secure and reliable solutions and to identify potential customers. The Company’s partners principally comprise:
- Merchant referral partners, comprising financial institutions, trade associations, buying groups, and franchises that endorse Evertec’s services and refer their own customers to Evertec; and
- Alliance partners, comprising high-profile companies across the technology, financial services and payment solutions sectors that assist Evertec in developing effective payment solutions.
Among Evertec’s merchant referral partners is Popular Inc, Evertec’s largest customer. The Company has alliance partnerships with CardinalCommerce, which has integrated its own payment services into Evertec’s solutions; Tyco Integrated Security, with which it collaborated to create a security solution model to help financial institutions prevent, respond and recover a range of security incidents; and Cisco, to which it assists in providing cloud services. Evertec was named Cisco’s Cloud Partner of the Year for Central America, North of South America and the Caribbean in 2013.
Evertec’s key resources are its technology and intellectual property, its personnel – notably its sales and support staff, and its partnerships.
According to its 2015 annual report, the Company owns numerous registrations for trademarks in jurisdictions across the world and owns or has licenses to use software and technology that is critical to the Company’s operational success. Searches of records held by the US Patent and Trademark Office, however, identified no patent applications filed in Evertec’s name.
Evertec incurs costs in relation to the development of its technology and solutions, the management of its partnerships, the operation of its sales and marketing channels and the retention of its personnel. Evertec owns one property in Costa Rica, and leases office space in nine other locations across Latin America and the Caribbean.
Evertec principally generates revenue through its Merchant Acquiring and Payment Processing segments with the collection of transaction and discount fees paid by its merchant and financial customers.
Transaction-based fees are dependent on factors such as number of accounts or transactions processed, typically consisting of a fee per transaction or item processed, a percentage of dollar volume processed, or a fee per account on file.
Evertec also provides services, such as consulting, that generate a fixed fee on a monthly basis or fees based on time and expenses incurred. These services are provided primarily by the Company’s Business Solutions segment. Additionally, Evertec generates a small proportion of its revenue from service contracts.
In 2015 Evertec generated $374 million in revenue, an increase of 3% on the previous year. The Company’s Business Solutions segment accounted for $179.8 million, or 48.1%, of total revenues; the Merchant Acquiring business generated $85.4 million, or 22.9%, of total revenues; and the Payment Processing business accounted for $108.3 million, or 29.0%, of total revenues.
info: Morgan has served as Evertec’s President and Chief Executive Officer since 2015. Schuessler is also a member of Visa’s Senior Client Council and the UnionPay International Member Council, the international division of China UnionPay. He worked for a number of years at American Express, where he held numerous roles, the majority of which were in sales, marketing and product strategy roles, ultimately rising to the position of Vice President of Global Purchasing Solutions. In 2008 he was appointed Executive Vice President and Chief Administrative Officer at payment processing provider Global Payments. He was later promoted to the role of President of International, in which he served until joining Evertec. Schuessler holds a bachelor’s degree from New York University and a master’s degree in Business Administration from Emory University’s Goizueta Business School.
info: Peter has served as Evertec’s Chief Financial Officer since 2015. An accountant by training, Smith has served in financial management roles since the 1990s. He began his career at PricewaterhouseCoopers in California, where he held a number of positions. In 2002 he joined Openwave Systems as its Worldwide Sales Controller. He held this position until 2005, when he joined Metavante Corporation in a financial role. After several years at the company he was appointed Chief Financial Officer of the its Payment Solutions Group. In 2009 Smith was named Senior Vice President and Segment Controller at Fidelity National Information Services in its Payments Solutions Group. Prior to joining Evertec he served for two years as Fidelity National Information Services’s Chief Accounting Officer and Corporate Senior Vice President. Smith holds a bachelor’s degree from the University of Pennsylvania and holds a master’s degree in Taxation from San Jose State University. He is a Certified Public Accountant.
info: Philip was appointed Chief Operating Officer at Evertec in 2012. He has worked in the payment services field since the mid-1990s, beginning his career at as a bank examiner at the Federal Deposit Insurance Corporation. He left this position after four years, joining Electronic Data Systems in 1995 as a senior manager in the Card Processing Services Department. In 1999, at he joined Sears Roebuck & Company as Unit Manager for Credit Services, a position he held for a little more than a year. Prior to joining Evertec, Steurer was a long-serving employee of software development company PaySys, joining the company in 2001 as Vice President and General Manager. Steurer holds a bachelor’s degree in Finance from Notre Dame University in Indiana and a master’s degree in Finance from Indiana University.
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